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An Incomplete Contract Theory of Contract Duration and Specific Investment

  • Lyons, B.R.
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    This paper develops a theoretical model of contract duration. The model fills a gap in incomplete contract theories, which for the most part assume timeless contracting, or contracts which last for the full life of a specific investment. The model reveals an asymmetry between buyer and seller investment, and the precise sense in which duration can be expected to depend on specific investments. It also addresses the importance of the background legal system.

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    Paper provided by School of Economics, University of East Anglia, Norwich, UK. in its series University of East Anglia Discussion Papers in Economics with number 9707.

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    Length: 37 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:uea:papers:9707
    Contact details of provider: Postal: Norwich NR4 7TI
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    Order Information: Postal: Jessica Pointer, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK

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